A Checklist For Great Joint Venture Partners (and Ones To Avoid)!

As you know the highest form of leverage is learning, and executing joint ventures to grow your business. For me that means, focusing on situations where your company is the beneficiary and another organization is the host. This is where the host organization will gladly promote you and your company to their list at NO cost to you!

Joint ventures are the ultimate form of leverage. You have all heard that one key to success is to leverage "OPM" (other people's money).

That, combined with the two other "O's" --- OPR (other people's resources) and OPC (other people's customers) --- propels the awesome financial power of joint ventures.

Look at is this way: In launching a new advertising campaign to a cold market, you can spend $5,000, $10,000, and often much more in sales letter copy, crafting the offer, working the follow up sequence, split testing and realize (perhaps) a 1-3% conversion rate. That is, assuming you do everything properly.

OR, you can model a powerfully effective strategy by learning the short cut, a workable system to leverage joint ventures to grow your business.

The key question to ask (if you need more leads and clients) is where do my ideal customers/clients go for business BEFORE they do business with me? Make a list of all those companies that customers purchase from first or do business with that have trust in the market place and access to your ideal customers/clients.

Next, plan out a joint venture with that company where your company will be the beneficiary and their company will be the host. This means you must offer massive value for the host company to help them retain their clients, increase conversion, increase renewals, increase conversion on forgotten about unconverted lead via a teleseminar, webinar, free report, or training to help the host company get better results, in turn bringing you much more business at no cost to you!

Now that you have the background, let me give you a check list for selecting a great joint venture partner. This is a situation where you are looking for a host opportunity where your company is the beneficiary. These are places where your customers or clients would go BEFORE they need your product or service.

Now, that you have that list lets review an important joint venture partner checklist:

1. How long has the JVP (joint venture partner) been in business?

2. What makes the JVP their product or service unique in their market place?

3. Is the JVP interested in finding new ways to add value to their existing clients to
increase conversion and sales? Is the JVP interested in finding new ways to increase conversion with new leads by adding your tools as a free bonus?

4. Does the JVP do teleseminars, or webinars on a regular basis to their list? If so, that will mean their list is used to add value and the results should be much better when you conduct the same.

5. Does the JVP want you do to a soft or hard offer? A soft offer is one where you give value and provide your content information at the end or a special bonus report that is free (to build your list) vs. a hard offer which is an actual sale. The difference is critical and expectations for what you need to deliver. If a big list holder expects you to do a hard offer and close to generate revenue and you are not skilled at that yet, let them know. Be honest!

6. How will your JVP promote your teleseminar or webinar to their list? How big is their list? How many emails will they send? Or, if you are providing a free report, how much traffic do they expect to their page or product where you will get exposure?

7. Are you prepared for a large volume of leads or sales? Do you have the capacity? It is always great to hit a home run, but if you cannot deliver that may backfire and ruin your business or reputation.

8. Does your JVP follow through on what they say they will do?

9. Do you have a turnkey process for your JVP to get them the email for their list, the outline of questions to ask you in an interview, your bio, testimonials all in one easy location? Or do you have to send bits and pieces or none at all. This can send the wrong message and cost you dearly!

10. Do you have a system for follow up with more solutions, tips to add value for the JVP and their list if you have not started yet? Never feel entitled (that is a big turn off, unless the package you purchased, included a JV with the JV partner's list).

11. Do you have a system for feedback after the event with your JVP? Do you give results on leads, sales, and revenue and the amount of referrals fees going back to the JVP?

12. Did you ask for a testimonial from the JVP after your event (to help you obtain other JVP opportunities?

13. Did you educate your staff about your JVP event so they know who may be calling and everyone is on the same page? Nothing is worse than having a JVP VIP call you and your staff has no idea what company they are associated with. That just sends a message that the JVP is not that important for you to even tell your staff about them or you are just disorganized.

Next step, template your process and steps. As you develop more JVP success you can take and delegate your process to someone to help you put this system on AUTOPILOT! That is where the real fun begins.